SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-QSB
                                   -----------
                                Quarterly Report

     Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

For the period ended March 31, 2002

                               PANAMED CORPORATION

             (Exact name of registrant as specified in its charter)


           Nevada                        0-17268           77-0583516
 -------------------------------      ------------      -------------------
 (State or other jurisdiction of      (Commission         (IRS Employer
 incorporation or organization)       File Number)      Identification No.)




                         537 Constitution Ave., Suite A
                           Camarillo, California 93012
                     (Address of principal executive office)

                     Issuer's telephone number: 805-383-3924

The issuer (1) has filed all reports required to be filed by Section 13 or 15(d)
of the  Securities  Exchange Act of 1934 during the  preceding 12 months (or for
such shorter period that the issuer was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days.

On  May  31,  2002,   22,337,520  shares  of  the  issuer's  common  stock  were
outstanding.

           Securities registered pursuant to Section 12(b) of the Act:
                                      None

               Securities registered to Section 12(g) of the Act:
                     Common Stock, par value $.01 per share
                                (Title of Class)


<PAGE>
<TABLE>
<CAPTION>

                                Table of Contents

<S>                                                                                                                          <C>
Part I. Financial Information.................................................................................................2


         Item No. 1. Financial Statements.....................................................................................2


         Item No. 2 Management's Discussion and Analysis.....................................................................15


Part II Other Information....................................................................................................17


         Item No. 2. Changes in Securities and Use of Proceeds...............................................................17

         Item No. 6. Exhibits and Reports on Form 8-K........................................................................17


Exhibits.....................................................................................................................17

Reports on Form 8-K..........................................................................................................17

Signatures...................................................................................................................17
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

                          Item 1. Financial Statements
                               PANAMED CORPORATION
                          (A development stage company)

              BALANCE SHEETS - MARCH 31, 2002 AND DECEMBER 31, 2001

                                     ASSETS

                                                         March 31, 2002         Dec. 31, 2001
                                                         (Unaudited)
                                                           --------               --------
 CURRENT ASSETS:
<S>                                                        <C>                    <C>
   Cash                                                    $ 34,977               $    106
   Prepaid expenses                                            --                   21,000
                                                           --------               --------

                      Total current assets                   34,977                 21,106
                                                           --------               --------

PROPERTY AND EQUIPMENT (net of accumulated
   depreciation of $122 and $0, respectively)                 5,984                   --
                                                           --------               --------

OTHER ASSETS:
   Investment                                               109,012                176,783
   Notes receivable - related parties                          --                   29,593
                                                           --------               --------

                                                            109,012                206,376
                                                           --------               --------

                                                           $149,973               $227,482
                                                           ========               ========

</TABLE>

               The accompanying notes are an integral part of the
                             financial statements.

                                       2
<PAGE>

<TABLE>
<CAPTION>

                               PANAMED CORPORATION
                          (A development stage company)
              BALANCE SHEETS - MARCH 31, 2002 AND DECEMBER 31, 2001

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                March 31, 2002          Dec. 31, 2001
                                                                 (Unaudited)
 CURRENT LIABILITIES:
<S>                                                             <C>                      <C>
   Accounts payable                                             $     6,399              $     5,887
   Note payable - related party                                        --                      7,400
   Other current liabilities                                           --                     20,000
                                                                -----------              -----------

                      Total current liabilities                       6,399                   33,287
                                                                -----------              -----------

OTHER LIABILITIES                                                    43,500                     --
                                                                -----------              -----------

STOCKHOLDERS' EQUITY:
   Common  stock - $0.01 and $ 0.0001 par
   value,  respectively  Authorized - 100,000,000
    shares Issued and outstanding - 23,485,020 and

     19,750,000 shares, respectively                                234,850                    1,975
   Additional paid-in capital                                     3,608,094                  255,987
   Deficit accumulated during the development stage              (3,692,870)                 (63,767)
                                                                -----------              -----------

                                                                    150,074                  194,195
   Less subscriptions receivable                                    (50,000)                    --
                                                                -----------              -----------

                      Total stockholders' equity                    100,074                  194,195
                                                                -----------              -----------

                                                                $   149,973              $   227,482
                                                                ===========              ===========

</TABLE>

               The accompanying notes are an integral part of the
                             financial statements.


                                       3
<PAGE>

<TABLE>
<CAPTION>

                               PANAMED CORPORATION

                          (A development stage company)

                            STATEMENTS OF OPERATIONS
                  FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND
             FOR THE PERIOD FROM AUGUST 21, 2001 (DATE OF INCEPTION)
                             THROUGH MARCH 31, 2002

                                   (Unaudited)
                                                                                                 Period from
                                                                      Three months             August 21, 2001
                                                                        ended                  (Inception) to
                                                                     March 31, 2002            March 31, 2002
                                                                      -----------               -----------
                                                                     (Unaudited)                (Unaudited)

<S>                                                                   <C>                       <C>
SALES                                                                 $      --                 $      --

COST OF SALES                                                                --                        --
                                                                      -----------               -----------

                            Gross margin                                     --                        --

OPERATING EXPENSES                                                      3,142,152                 3,196,501
                                                                      -----------               -----------

                            Loss from operations                       (3,142,152)               (3,196,501)
                                                                      -----------               -----------

OTHER EXPENSES:
    Acquisition expense                                                  (445,000)                 (445,000)
    Loss on sale of investment                                            (29,240)                  (29,240)
    Loss on investment                                                    (11,911)                  (21,329)
                                                                      -----------               -----------

                                                                         (486,151)                 (495,569)
                                                                      -----------               -----------

                            Net loss before income taxes               (3,628,303)               (3,692,070)

PROVISION FOR INCOME TAXES                                                   (800)                     (800)
                                                                      -----------               -----------

                            Net loss                                  $(3,629,103)              $(3,692,870)
                                                                      ===========               ===========

NET LOSS PER SHARE

    Basic and diluted                                                 $     (0.17)              $     (0.20)
                                                                      ===========               ===========

</TABLE>




               The accompanying notes are an integral part of the
                             financial statements.


                                       4
<PAGE>



<TABLE>
<CAPTION>

                               PANAMED CORPORATION

                          (A development stage company)

                        STATEMENT OF STOCKHOLDERS' EQUITY
                     FOR THE PERIOD ENDED MARCH 31, 2002 AND

             FOR THE PERIOD FROM AUGUST 21, 2001 (DATE OF INCEPTION)
                             THROUGH MARCH 31, 2002
                                   (Unaudited)
                                                                                            Deficit
                                                                                          Accumulated
                                                                      Additional           During The             Total
                                            Common Stock               Paid-in            Development         Stockholders'
                                            Shares        Amount       Capital               Stage                Equity
                                    ------------------------------------------------------------------------------------------

<S>                                       <C>              <C>     <C>                  <C>                   <C>
Balance, August 21, 2001                       -- $         --     $     --             $     --              $     --

Issuance of stock for cash
   September 4, 2001
   ($0.0001 per share)                   17,610,000        1,761         --                   --                   1,761

Issuance of stock for cash
   September 19, 2001
   ($0.50 per share)                         60,000            6       29,994                 --                  30,000

Issuance of stock for stock
   October 15, 2001
   ($0.931 per share)                     2,000,000          200      186,001                 --                 186,201

Issuance of stock for cash
   October 24, 2001
   ($0.50 per share)                         20,000            2        9,998                 --                  10,000

Issuance of stock for cash
   October 30, 2001
   ($0.50 per share)                         60,000            6       29,994                 --                  30,000

Net loss                                       --           --           --                (63,767)              (63,767)
                                    ------------------------------------------------------------------------------------------
Balance, Dec. 31, 2001                   19,750,000        1,975      255,987              (63,767)              194,195

Issuance of stock for cash
   February 20, 2002
   ($1.00 per share)                         63,380          634       62,746                 --                  63,380

Issuance of stock for services
   February 20, 2002
   ($1.00 per share)                        126,620        1,266      125,354                 --                 126,620

</TABLE>

               The accompanying notes are an integral part of the
                             financial statements.


                                       5
<PAGE>

<TABLE>
<CAPTION>

                               PANAMED CORPORATION
                          (A development stage company)

                        STATEMENT OF STOCKHOLDERS' EQUITY
                     FOR THE PERIOD ENDED MARCH 31, 2002 AND

             FOR THE PERIOD FROM AUGUST 21, 2001 (DATE OF INCEPTION)
                             THROUGH MARCH 31, 2002
                                   (Unaudited)

                                   (Continued)

                                                                                            Deficit
                                                                                          Accumulated
                                                                           Additional      During The             Total
                                                     Common Stock           Paid-in        Development         Stockholders'
                                                  Shares        Amount      Capital          Stage                Equity
                                    ------------------------------------------------------------------------------------------

<S>                                               <C>             <C>       <C>                                  <C>
Issuance of stock for cash
   March 1, 2002
   ($0.80 per share)                              60,000          600       47,400             --                48,000

Issuance of stock for cash
received in prior period
   March 1, 2002
   ($1.00 per share)                              20,000          200       19,800             --                20,000

Issuance of stock for cash
   March 1, 2002
   ($1.00 per share)                             312,000        3,120      308,880             --      3         12,000

Issuance on subscription
   March 1, 2002

   ($1.00 per share)                              50,000          500       49,500             --                50,000

Issuance of stock for services
   March 1, 2002
   ($1.00 per share)                           2,715,000       27,150    2,687,850             --    2,7         15,000

Acquisition of Micron
   Solutions, Inc., a public shell

   March 1, 2002
   ($0.01 par value)                             396,520        3,965        4,542             --                 8,507

Change in par value of
   common stock
   March 1, 2002
   (from $.0001 to $.01 per
    share)                                          --        193,050     (193,050)            --                  --

Issuance of stock for cash
   March 18, 2002
   ($1.00 per share)                             132,500        1,325      131,175             --      1         32,500

</TABLE>

                                       6
<PAGE>

<TABLE>
<CAPTION>

                               PANAMED CORPORATION
                          (A development stage company)

                        STATEMENT OF STOCKHOLDERS' EQUITY
                     FOR THE PERIOD ENDED MARCH 31, 2002 AND
             FOR THE PERIOD FROM AUGUST 21, 2001 (DATE OF INCEPTION)
                             THROUGH MARCH 31, 2002
                                   (Unaudited)

                                   (Continued)

                                                                                            Deficit
                                                                                          Accumulated
                                                                      Additional           During The             Total
                                            Common Stock               Paid-in            Development         Stockholders'
                                        Shares        Amount           Capital               Stage                Equity
                                    ------------------------------------------------------------------------------------------

<S>                                        <C>            <C>              <C>                                        <C>
Issuance of stock for services
   March 18, 2002
   ($1.00 per share)                       109,000        1,090            107,910                    --              109,000

Cancellation of stock
   March 27, 2002

   ($0.0001 per share)                   (250,000)         (25)                 --                    --                 (25)


Net loss                                        --           --                 --            (3,629,103)         (3,629,103)
                                    -----------------------------------------------------------------------  -----------------

Balance, March 31, 2002                 23,485,020$    234,850   $       3,608,094    $       (3,692,870)    $        150,074
                                    =======================================================================  =================

</TABLE>

               The accompanying notes are an integral part of the
                             financial statements.

                                       7
<PAGE>

<TABLE>
<CAPTION>

                               PANAMED CORPORATION
                          (A development stage company)

                            STATEMENTS OF CASH FLOWS
                  FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND
             FOR THE PERIOD FROM AUGUST 21, 2001 (DATE OF INCEPTION)
                             THROUGH MARCH 31, 2002
                                   (Unaudited)
                                                                                                            Period from
                                                                                  Three months             August 21, 2001
                                                                                     ended                 (Inception) to
                                                                                 March 31, 2002            March 31, 2002
                                                                                  -----------               -----------
                                                                                   (Unaudited)              (Unaudited)
<S>                                                                               <C>                       <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
      Net loss                                                                    $(3,629,103)              $(3,692,870)
      Adjustments to reconcile net loss to net cash
         used by operating activities -
         Non-cash items included in net loss:
           Common stock issued for services                                         2,950,620                 2,950,620
           Other operating activities                                                  85,527                 12109,425
                                                                                  -----------               -----------

                Net cash used in operating activities                                (592,956)                 (632,825)
                                                                                  -----------               -----------

NET CASH PROVIDED BY INVESTING ACTIVITIES                                              79,347                    49,754
                                                                                  -----------               -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
           Proceeds from issuance of common stock                                     555,880                 12627,641
           Other financing activities                                                  (7,400)                   (9,593)
                                                                                  -----------               -----------

                Net cash provided by financing activities                             548,480                   618,048
                                                                                  -----------               -----------

NET INCREASE IN CASH                                                                   34,871                    34,977

CASH, BEGINNING OF PERIOD                                                                 106                      --
                                                                                  -----------               -----------

CASH, END OF PERIOD                                                               $    34,977               $    34,977
                                                                                  ===========               ===========

</TABLE>

               The accompanying notes are an integral part of the
                             financial statements.


<PAGE>


                               PANAMED CORPORATION
                          (A Development stage company)

                          NOTES TO FINANCIAL STATEMENTS

                  AS OF MARCH 31, 2002 AND FOR THE PERIOD FROM
           AUGUST 21, 2001 (DATE OF INCEPTION) THROUGH MARCH 31, 2002

                                   (Unaudited)

(1)      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         In the opinion of  management,  the  accompanying  unaudited  financial
         statements  of  PanaMed   Corporation   (the  "Company")   include  all
         adjustments   (consisting   only  of  normal   recurring   adjustments)
         considered  necessary to present  fairly its  financial  position as of
         March 31, 2002,  the results of  operations  for the three months ended
         March 31, 2002 and the period from August 21, 2001 (date of  inception)
         through March 31, 2002, and cash flows for the three months ended March
         31, 2002 and the period from date of inception  through March 31, 2002.
         The results of operations are not necessarily indicative of the results
         to be  expected  for  the  full  year  or for any  future  period.  The
         information  included in this Form 10-QSB should be read in conjunction
         with Management's  Discussion and Analysis and financial statements and
         notes thereto included in the Company's 2001 Form 10-KSB and 8-K.

(a)      Nature of Business - Development Stage Company

              The Company is an enterprise in the  development  stage as defined
              by Statement No. 7 of the Financial Accounting Standards Board and
              has  not   engaged  in  any   significant   business   other  than
              organizational  efforts and has  therefore  sustained  substantial
              operating losses.

              PanaMed  Africa,  Inc  (later  changed  to  "PanaMed,   Inc")  was
              established  on August 21, 2001, as a California  corporation  for
              the  purpose  of  testing  and   distributing  a  unique  line  of
              therapeutic products supplied by Havel Investment,  LTD ("Havel").
              The  therapeutics  are used for treating  serious  illness such as
              HIV/AIDS,  Herpes, and Shingles.  To date, these therapeutics have
              been  used  only in  private  treatments  and they do not have FDA
              approval and have not been tested in any clinical trials.

         (b)  Basis of Accounting

              The  Company  reports  on the  accrual  basis  for both  financial
statement and income tax purposes.

          (c) Use of Estimates

              The  preparation  of  financial   statements  in  conformity  with
              generally accepted  accounting  principles  requires management to
              make estimates and assumptions that affect the reported amounts of
              assets and  liabilities  and  disclosure of contingent  assets and
              liabilities  at the  date  of the  financial  statements  and  the
              reported  amounts of revenues  and expenses  during the  reporting
              period. Actual results could differ from those estimates.

                                       8
<PAGE>


                               PANAMED CORPORATION
                          (A Development stage company)

                          NOTES TO FINANCIAL STATEMENTS

                  AS OF MARCH 31, 2002 AND FOR THE PERIOD FROM
           AUGUST 21, 2001 (DATE OF INCEPTION) THROUGH MARCH 31, 2002

                                   (Unaudited)

(1)      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

         (d)  Concentration of Credit Risk - Cash

              The  Company  maintains  its cash  balances  in various  financial
              institutions.  The  balances  are insured by the  Federal  Deposit
              Insurance Corporation up to $100,000.  Periodically throughout the
              period the  Company  has  maintained  cash  balances  in excess of
              federally insured limits. The Company's uninsured balances totaled
              $-0- at March 31, 2002.

(e)      Equity Method of Accounting for Investments

              Investment in Quintek Technologies,  Inc. in which the Company has
              a 3.8%  interest,  is carried at cost,  adjusted for the Company's
              proportionate share of undistributed earnings or losses.

(f)      Property, Equipment, and Depreciation

              Property  is  recorded  at  cost.  Depreciation  of  equipment  is
              provided using the straight line and accelerated  methods over the
              following estimated useful lives:

                                                                 Estimated
                        Asset Classification                    Useful Life

                        Computer equipment                         5 Years

              Expenditures  for repairs  and  maintenance  are  charged  against
              operations when incurred.

(g)      Income Taxes

              The Company accounts for income taxes using the liability approach
              to financial  accounting and  reporting.  Current income taxes are
              based on the year's income taxable for federal and state reporting
              purposes.

              The Company  has a deferred  tax asset due to net  operating  loss
              carryforwards and temporary taxable differences due to stock-based
              compensation for income tax purposes.

                                       9
<PAGE>

                               PANAMED CORPORATION
                          (A Development stage company)

                          NOTES TO FINANCIAL STATEMENTS

                  AS OF MARCH 31, 2002 AND FOR THE PERIOD FROM
           AUGUST 21, 2001 (DATE OF INCEPTION) THROUGH MARCH 31, 2002

                                   (Unaudited)

              The deferred tax asset is $817,056 as of March 31, 2002.  However,
              due  to the  ongoing  nature  of  the  losses  and  the  potential
              inability of the Company to ever realize the benefit,  a valuation
              allowance has been established for 100% of the deferred tax asset.
              Net operating  loss  carryforwards  of $817,056  expire at various
              times through the year 2021.

(1)      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(g)      Income taxes (continued)


              The effect of temporary  differences that give rise to significant
              portions of the deferred tax benefit are presented below:

                 Net operating loss carryforward           $       152,759
                 Stock-based compensation                          646,200
                                                           -----------------

                                                                    798,959

                 Less valuation allowance                          (798,959)
                                                           -----------------

                 Total                                     $            --
                                                           =================



(2)      GOING CONCERN

         The accompanying  financial statements have been prepared in conformity
         with  generally  accepted  accounting  principles,   which  contemplate
         continuation  of the Company as a going concern;  however,  the Company
         has sustained  substantial  operating  losses.  In view of this matter,
         realization  of a  major  portion  of the  assets  in the  accompanying
         balance sheet is dependent  upon  continued  operations of the Company,
         which in turn is  dependent  upon  the  Company's  ability  to meet its
         financing requirements, and the success of its future operations.

         Management  believes the Company's current cash and cash generated from
         operations may not be sufficient to meet its anticipated cash needs for
         the year ended December 2002. Accordingly,  the Company will require an
         additional   capital  infusion  or  revenues  from  sales  to  continue
         operations.  Management is not certain if  additional  capital or sales
         proceeds  will  become  available.  If  unsuccessful  in  obtaining  an
         additional  capital  infusion,  the  Company  may be  required to cease
         operations.

                                       10
<PAGE>

                               PANAMED CORPORATION
                          (A Development stage company)

                          NOTES TO FINANCIAL STATEMENTS

                  AS OF MARCH 31, 2002 AND FOR THE PERIOD FROM
           AUGUST 21, 2001 (DATE OF INCEPTION) THROUGH MARCH 31, 2002

                                   (Unaudited)
<TABLE>
<CAPTION>

(3)      NOTES RECEIVABLE - RELATED PARTIES
                                                                               Mar. 31, 2002          Dec. 31, 2001
                                                                                (Unaudited)
<S>                                                                         <C>                    <C>
         Note receivable from Thomas Sims, President and Chairman of
            the Board, due on demand, interest at the applicable
            federal rates ("AFR").                                          $               --     $           5,536

         Note receivable  from Phillip Butler,  CEO, due on demand,  interest at
           the applicable federal rates ("AFR").

                                                                                            --                24,057
                                                                            --------------------   -------------------

                                                                            $               --     $          29,593
                                                                            ====================   ===================
</TABLE>

(4)      INVESTMENT

         The  investment  held  by the  Company  consists  of a  3.8%  ownership
         interest  in  Quintek  Technologies,  Inc.,  a  California  corporation
         related by common  management.  The  investment is accounted for on the
         equity method.

Pertinent financial  information of Quintek  Technologies,  Inc. as of March 31,
2002 is as follows:
<TABLE>
<CAPTION>

                                                                                   Mar. 31, 2002
                                                                                    (Unaudited)
<S>                                                                             <C>
                 Balance sheet:
                     Assets                                                     $        427,014
                                                                                ====================

                     Liabilities                                                $      1,286,887
                     Equity                                                             (859,873)
                                                                                --------------------

                                                                                $        427,014
                                                                                ====================

                 Income statement:
                     Revenues                                                   $        121,084
                     Expenses                                                            371,403
                                                                                --------------------

                            Net loss                                                    (250,319)
                     Weighted average ownership for three months ended                       4.76%
                                                                                --------------------

                 Company's share of net loss                                    $        (11,911)
                                                                                ====================
</TABLE>

                                       11
<PAGE>

                               PANAMED CORPORATION
                          (A Development stage company)

                          NOTES TO FINANCIAL STATEMENTS

                  AS OF MARCH 31, 2002 AND FOR THE PERIOD FROM
           AUGUST 21, 2001 (DATE OF INCEPTION) THROUGH MARCH 31, 2002

                                   (Unaudited)
(5)      COMMITMENTS AND CONTINGENCIES

(a)      Operating Lease

              Effective September 1, 2001, the Company entered into an agreement
              to lease its operating  facilities  under an operating  lease from
              Quintek  Technologies,  Inc.,  related by common  management.  The
              lease expires  August 31, 2002.  Rent expense for the period ended
              March 31, 2002 was $6,000.

              Minimum  future  rental  commitments  under  this   non-cancelable
operating lease are as follows:

         Year ended December 31, 2002                       $          10,000
                                                           ==================

(6)      PURCHASE AGREEMENT

         As of March 1, 2002, the Company, then known as Micron Solutions,  Inc.
         ("Micron"),  entered into an Exchange  Agreement with PanaMed,  Inc., a
         California corporation,  and all of its shareholders,  under which; (a)
         Micron  and its  existing  shareholders  were to  effect  a one for ten
         reverse stock split of the 3,965,200  shares of its common voting stock
         then issued and outstanding; (b) the PanaMed Inc shareholders were then
         to transfer and assign their PanaMed shares to Micron,  thereby causing
         PanaMed Inc to become its wholly owned subsidiary, and in exchange such
         shareholders were to receive an identical number of Micron's authorized
         but previously  unissued shares of voting common stock, $.01 par value;
         (c)  Micron's  board of directors  and  officers  were to resign and be
         replaced  by PanaMed  Inc  nominees;  (d) Micron was then to change its
         name  to  PanaMed  Corporation;  and (e)  certain  of  Micron's  former
         management  were  to be  engaged  as  consultants  to the  Company,  in
         connection with which  engagement they were to receive $225,000 in cash
         payments and 210,000 Company shares.  Such transaction was concluded as
         of that same date,  resulting  in the  receipt  by the  former  PanaMed
         shareholders  of  23,121,000  Company  shares,  or 98%  of  its  equity
         ownership. Micron's assets and liabilities, as distinguished from those
         of the Company being reported  herein as of March 31, 2002 and December
         31, 2001, were immaterial, and have not been separately identified. Its
         audited balance sheet as of December 31, 2001, does appear, however, in
         Micron's  Form  10-KSB,  as filed  with  the  Securities  and  Exchange
         Commission on April 16, 2002.

                                       12
<PAGE>

                               PANAMED CORPORATION
                          (A Development stage company)

                          NOTES TO FINANCIAL STATEMENTS

                  AS OF MARCH 31, 2002 AND FOR THE PERIOD FROM
           AUGUST 21, 2001 (DATE OF INCEPTION) THROUGH MARCH 31, 2002

                                   (Unaudited)
(7)      NET LOSS PER SHARE

         Basic net loss per  share is based on the  weighted  average  number of
         common shares  outstanding  of 21,021,612  for the  three-month  period
         ended March 31, 2002.  The  weighted  average  number of common  shares
         outstanding  for the period from  August 21,  2001 (date of  inception)
         through March 31, 2002 was 18,543,431.  The basic and diluted  earnings
         per share calculations are the same because the Company has no dilutive
         securities outstanding.

(8)      LICENSING AGREEMENT

         Effective  October 23,  2001,  PanaMed  Inc.  entered  into a licensing
         agreement with Havel Investments,  Ltd. ("Havel") whereby PanaMed, Inc.
         received exclusive rights to market Havel's therapeutic product for the
         treatment of HIV/AIDS  throughout  continental Africa. In consideration
         for this license,  PanaMed, Inc. was obligated to remit to Havel 50-80%
         of all  proceeds  from the sale of its  stock  up to a  maximum  of $23
         million.  Under this agreement,  Havel reserved the right to reduce the
         territory within which PanaMed, Inc could market Havel's therapeutic if
         the $23 million wasn't fully funded by February 1, 2002. PanaMed,  Inc.
         did not meet its obligation under this agreement;  however, on February
         1, 2002 Havel agreed to extend the agreement for an undetermined period
         of time.

(9)      SUBSEQUENT EVENTS

         On May 13, 2002,  PanaMed  Corporation  entered into an agreement  with
         Havel  which  superseded  the  October  23,  2001  agreement.  The  new
         agreement allowed the Company to conduct treatment  programs and retain
         exclusive  rights to  distribute  Havel's  therapeutics  for  HIV/AIDS,
         Herpes 1&2 and Shingles  within the Ivory Coast of Africa.  The Company
         does not have rights to market the therapeutics in any other location.

         Subsequent to March 31, 2002 the Company issued 91,000 shares of common
         stock for cash in the amount of $91,000.


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<PAGE>

Item 2.  Management's Discussion and Analysis

1.1      Results of Operations

The Company is engaged in the bio-tech industry, with a primary focus on testing
and distributing a patented line of therapeutic  products  manufactured by Havel
Investments Limited ("Havel") for use in treating certain medical disorders. The
Company currently has an exclusive license to test and distribute  "Viro-Net" in
the  African  country  of Ivory  Coast.  Viro-Net  is the name  given to Havel's
product for treating HIV/AIDS, Herpes Simplex 1, Herpes Simplex 2, and Shingles.
The  descriptions  herein will be oriented  primarily  towards the  treatment of
HIV/AIDS.

Viro-Net can be  described as an  immuno-modulating  biological  compound  which
signals  the  body's own immune  system to fight off the virus by  blocking  the
receptors  of  healthy  cells,  boosting  the immune  system,  and  halting  the
replication  of viral cells.  The Company  believes that Viro-Net may provide an
effective means to reverse the HIV virus to a non-detect level while providing a
number  of  advantages  over  conventional  HIV/AIDS  medication.  The  expected
benefits include;  simple to administer (sublingual  application),  minimal side
effects,  effective  against  different HIV viral  derivatives,  cost effective,
non-patient  specific  and suitable for large scale  treatment  programs.  These
expectations  are based  primarily on theory and results from the treatment of 3
AIDS patients in an uncontrolled environment.

The  Company  intends to  conduct a  Viro-Net  based  treatment  program  for 60
patients in the country of Ivory Coast,  Africa  starting in mid summer 2002. If
positive  results are achieved,  the company plans to launch a second trial with
2,000  patients  and  distribution  of  Viro-Net  to an  estimated 2 million HIV
infected people living in the Ivory Coast.

The  Company is faced with  competition  from a wide  variety of  pharmaceutical
companies  with well  equipped  staff  and  research  facilities.  Most of these
competitors  are better  financed  and operate  with  greater  capital  than the
Company.  There can be no assurance  that the current and future  competitors of
the Company  will not succeed in  developing  products and pricing that are more
widely  accepted in the  marketplace or that will render the Company's  products
noncompetitive.

In addition,  certain of such current and future competitors of the Company will
have the  resources  required  to respond  effectively  to market  changes or to
compete  successfully  with more aggressive  pricing  policies than the Company.
There can be no assurance that the Company will be able to compete  successfully
with current or future competitors or that competitive pressures will not have a
material  adverse effect on the Company's  business,  financial  condition,  and
results of operations.

The Company currently does not have a base of customers.  Management anticipates
that the demand for its products  will come  primarily  from the general  public
with the illnesses identified above.

The Company's  products are subject to various FDA  regulations  and/or  foreign
regulatory   bodies   which   govern  or  influence   the   research,   testing,
manufacturing,  safety,  labeling,  storage,  record  keeping,  advertising  and
promotion of pharmaceutical products and medical devices.

The Company believes it is in compliance with all material foreign, domestic and
state laws and regulations. There can be no assurance, however, that the Company
will be able,  for  financial  and other  reasons,  to  continue  to comply with
applicable laws,  rules and regulations.  Failure or delay by the Company and/or
its  designated  agents  to  comply  with FDA  regulations  or other  applicable
regulatory  requirements could subject the Company to civil remedies,  including
fines,  suspensions,  delays of approvals,  injunctions,  recalls or seizures of
products, operating restrictions, as well as potential criminal sanctions, which
could have a material adverse effect on the Company.

The  research,  development,  clinical  trials,  manufacturing  and marketing of
pharmaceutical  products,  are subject to an extensive,  rigorous and frequently
changing  regulatory review process by the FDA and other regulatory  agencies in
the U.S. and various foreign countries. The process of obtaining and maintaining
required regulatory approvals is lengthy,  expensive and uncertain. For example,
FDA procedures for approval of  pharmaceuticals  and biologics  involve clinical
testing which occurs in three phases to  demonstrate  the safety and efficacy of
the product.

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<PAGE>
There can be no assurance  that  regulatory  clearance will not take longer than
currently   anticipated  because  of  delays,   problems  or  unforeseen  safety
difficulties  or that  regulatory  clearance will ever be granted,  although the
Company believes that the appropriate  regulatory  clearance  ultimately will be
forthcoming.  Failure to obtain the proper regulatory  approval will prevent the
Company from marketing the product,  which would have a material  adverse effect
on the Company's business,  financial condition and results of operations.  Even
if regulatory approval is obtained,  a marketed  pharmaceutical  product and its
manufacturer  are subject to  continuing  regulatory  review,  and  discovery of
previously unknown problems or amendments to existing statutes or regulations or
the adoption of new statutes or regulations could result in restrictions on such
product or manufacturer, including withdrawal of the product from the market.

The manufacturing  processes of  pharmaceutical  products are subject to certain
regulatory guidelines.  For example, the FDA establishes guidelines as GMP (Good
Manufacturing   Practice).   All  pharmaceutical   manufacturers   operating  or
distributing  product  in the USA  must  conform  to these  guidelines.  The FDA
inspects  these  facilities on a regular basis and notes any  deficiencies.  The
facility must correct such deficiencies within a specified period of time.

Any new pharmaceutical  facility must go through a strict inspection by the FDA,
in a full audit, and then adhere to the guidelines. Any facility not adhering to
these guidelines is subject to disciplinary action.

Our  revenues  totaled $0 for the three  months ended March 31, 2002 and for the
period from August 21, 2001 (date of  inception)  through March 31, 2002. We are
an  enterprise  in the  development  stage as defined by Statement  No. 7 of the
Financial  Accounting  Standards  Board and have not engaged in any  significant
business other than organizational efforts.

Operating expenses totaled $3,142,152 for the three-month period ended March 31,
2002.  Operating  expenses  totaled  $3,196,501  for the period from the date of
inception  through March 31, 2002.  Operating  expenses for both periods consist
mainly of stock-based compensation.

1.2      Liquidity and capital resources

We have historically financed operations from the sale of common stock. At March
31,  2002,  we had cash on hand of  $34,977  and  working  capital of $28,578 as
compared to cash on hand of $106 and working capital of $(12,181) at period-end,
December 31, 2001.

Net cash used in  operating  activities  of $592,956  for the three months ended
March 31, 2002 is attributable  primarily to start-up  operational  expenditures
and licensing fees.

Net cash provided by investing  activities of $79,347 for the three months ended
March  31,  2002  consists  of  purchases  of  fixed  assets  and the sale of an
investment.

Net cash provided by financing activities of $548,480 for the three months ended
March 31, 2002 is due to cash  received  from the  issuance of common  stock and
other miscellaneous adjustments.

Any significant  difference between line item in the financials included in this
Form 10-QSB and the Company's  Form 10-QSB filed for the same period in 2001 are
the result of the change in the Company's  business  which  occurred in March of
2002.

We believe  that the receipt of net  proceeds  from the sale of the common stock
will be sufficient to satisfy our future  operation,  working  capital and other
cash  requirements  for the  remainder  of the fiscal year.  However,  if we are
unable to raise sufficient capital, we may need sell certain assets,  enter into
new  strategic  partnerships,  or merge  with  another  company  to  effectively
maintain operations.  Our audit for the period ended December 31, 2002 contained
a going concern qualification.

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<PAGE>

Part II. Other Information

Item 2.  Changes in Securities and Use of Proceeds

Effective as of March 1, 2002, we issued a total of 23,121,000  shares of common
stock in PanaMed Corporation to the shareholders of PanaMed,  Inc., a California
corporation,  as part of the exchange  agreement between the two companies.  The
shares  were  issued in exchange  for all the issued and  outstanding  shares of
PanaMed,  Inc.  All such shares were  issued in reliance on the  exemption  from
registration  contained  in  Section  4 (2) of the  Securities  Act of 1933,  as
amended, and the certificates representing such shares bear a restrictive legend
reflecting the limitations on future transfer of those shares.

In March 2002 we issued  200,000  shares of  restricted  common stock in PanaMed
Corporation and assigned  600,000 sharers of restricted  common stock in Quintek
Technologies,  Inc.  (OTCBB:QTEK)  to an individual as collateral for a $100,000
loan.  The 600,000 shares of Quintek stock was obtained from our holdings of two
million  shares of Quintek  common stock which was  acquired by PanaMed,  Inc in
October 2001 in a stock swap transaction between PanaMed,  Inc and Quintek.  All
such shares were issued in reliance on the exemption from registration contained
in Section 4 (2) of the Securities Act of 1933, as amended, and the certificates
representing such shares bear a restrictive legend reflecting the limitations on
future transfer of those shares.

In March 2002 we issued 350,000 shares of restricted  stock to Phil Butler,  our
CEO, as compensation for services rendered. These shares were issued in reliance
on the exemption from registration  contained in Section 4 (2) of the Securities
Act of 1933, as amended,  and the certificates  representing  such shares bear a
restrictive  legend  reflecting  the  limitations  on future  transfer  of those
shares.

Item 6.  Exhibits and Reports on Form 8-K

(a) Exhibits

(b) Reports on Form 8-K

We filed a report on Form 8K during the three-month period ended March 31, 2002,
to report the audited financial  statements of PanaMed,  Inc. as of December 31,
2001.

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<PAGE>

                                   Signatures

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                   PanaMed Corporation

Date:  June 13, 2002              /s/ Thomas W. Sims
                                   ----------------------------
                                      Thomas W. Sims, President

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